Only the firm's overlay and liquidity strategy assets increased in the quarter, up 13% to $3.6 billion.

“Emerging markets produced very strong investment returns in 2016 and delivered a 5% increase in Ashmore's AUM over the calendar year. This was despite the final quarter being impacted by the U.S. election outcome, renewed strength in the US dollar, and a steepening of yield curves,” Mark Coombs, chief executive officer, Ashmore Group PLC said in a statement accompanying the update.

“While these factors interrupted the improvement in sentiment towards emerging markets, the effect proved to be short-lived with asset prices strengthening in December and continuing into the new year. The combination of attractive absolute and relative returns, accelerating GDP growth, and low allocations all support the expectation of further strong performance in 2017 and a return to the improving flow trend seen for most of 2016,” Mr. Coombs added.